The coming major changes in OECD countries
It is possible (likely?) that in the near future, there will be a number of major changes in OECD countries’ economies compared with the current situation: A sharp reduction in consumption of fossil energies, due to far more active climate policies; The end of the skewing of income sharing at the expense of employees, as political parties that conduct more employee-friendly labour market policies will come to power; As a result, an end to the situation of very low interest rates; Regionalisation of production, due to the shift from global to regional value chains. Some of these developments are positive for growth (faster rise in wages, increased investments in renewable energies), while others are negative (need to destroy capital linked to fossil energies, rising interest rates, lower productive efficiency).